On 5 January 2020, the Ministry of Economic Development issued an announcement regarding the commencement and operation of the First Amendment to the Business Registration Act.
As per the Ministry’s announcement, the businesses are no longer required to obtain canteen operating permit, restaurant operating permit, teashop operating permit, and permit for the trade of imported goods. Beginning 4 January 2020, the Ministry, City Councils, Island Councils, and the MIRA will also not collect any fees for the mentioned permits.
Furthermore, once a sole trader, company, partnership or co-operative society is registered, they can commence business without acquiring any additional permits from the Ministry, although the shops or activities they operate will now have to be registered with the MED within the deadlines prescribed in the Amendment.
The First Amendment to the Business Registration Act commenced on 4 January 2020.